Corpus ID: 15673963

Monopoly Market with Externality: an Analysis with Statistical Physics and Agent Based Computational Economics

@article{Nadal2003MonopolyMW,
  title={Monopoly Market with Externality: an Analysis with Statistical Physics and Agent Based Computational Economics},
  author={J. Nadal and Denis Phan and M. B. Gordon and Jean Vannimenus Lps and Ecole Normale Sup'erieure and Par{\'i}s and France. and Ensta Bretagne and ICI-UBO and Brest and Leibniz and Grenoble},
  journal={arXiv: Disordered Systems and Neural Networks},
  year={2003}
}
We explore the effects of social influence in a simple market model in which a large number of agents face a binary choice: 'to buy/not to buy' a single unit of a product at a price posted by a single seller (the monopoly case). We consider the case of 'positive externalities': an agent is more willing to buy if the other agents with whom he/she interacts make the same decision. We compare two special cases known in the economics literature as the Thurstone and the McFadden approaches. We show… Expand
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